Gold Week 21 Trading Plan

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This is my weekly outlook on GOLD. The levels that I will be looking at with a higher probabilistic chance the market will start reacting. During the session I then wait for the market to hit those levels and either confirm or reject my bias through price action confirmation and order flow. I hope that makes sense. If not, please get in touch with me. I love to talk to people that are on the same path as me. So don’t be shy and reach out. 

Monthly – Bullish

• MN Bull Engulf at MN VWAP in UT TC giving MN-C-D 1738.50
• Price has traded higher continuing on the Bull Engulf trading within MN Supply

Weekly – Slightly Bullish

• Price traded higher in a RBR closing below W1-C-S 1889.818 and W1 QHi

Daily – Slightly Bullish

• D1 closed higher after taking out D1 Supply currently trading below D1 QHi 

Sentiment summary – Slightly Bullish

• Even though price traded higher after taking out D1 Supply price is still trading below W1/D1 QHi and W1 Supply and is slowing down. Price has tested W1 Supply and D1/W1 QHi 3 times but still managed to close higher so unless D1 closes below the current formation there could be a continuation to the move. Having arrived at this large W1 Supply going long is riskier although with nearing MN QHi there could be a continuation to the move first before reversing. More trading data is needed before confirming a Reversal. 

Additional notes

• N.A.

ZOIs for Possible Shorts

• W1-C-S 1889.818

ZOIs for Possible Long

• D1-C-D 1825.85 

Focus Points for trading development

• Monthly Goals
  • No momentum trades on Non-Farm Fridays
  • Feeling okay with NOT trading
  • Have ‘quieter’ weekends
• Weekly Goal
  • Min. 3 times hitting the gym + mandatory cardio
  • Aim to have a minimum of ONE TRADE per trading day
• Trading Rules
  • Be mindful of DTTZs
  • Only price-action based exit rules (or hit time stop)
    • IF NOT… I will do a Bart Simpsons exercise of 7 days, 50 sentences of: “I will trust my trading skills and take my exits accordingly”.
  • M15/M30 combination at 1st DTTZ, M5 entries and exits at 2nd DTTZ
  • Trade from D and upwards unless a possible momentum trade, value acceptance or otherwise. 
• Risk Management
  • At least 1 trade with 1% risk, 2nd trade only if first one worked out
  • Capital Preservation during drawdown allows for 1R profit-taking
  • 2 consecutive days of lack of sleep = NO TRADING

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